Eni Finalizes Investment for Mozambique's Coral North Project

Project Overview

Eni and its partners CNPC, ENH, Kogas, and XRG have approved the Final Investment Decision for the Coral North FLNG project, located offshore Cabo Delgado, Mozambique. This project will utilize a floating LNG facility to extract gas from the northern part of Area 4's Coral gas reservoir in the Rovuma basin.

Partnership and Production

The project is a joint venture with Eni holding a 50% stake, CNPC 20%, Kogas 10%, ENH 10%, and XRG 10%. Coral North will have a liquefaction capacity of 3.6 million tons per annum (MTPA), contributing to Mozambique's total LNG production, which will exceed 7 MTPA when combined with Coral South.

Timeline and Impact

Coral North is expected to be operational by 2028. It is the second large-scale FLNG project in ultra-deep waters worldwide, following Coral South, which began production in 2022. The project aims to enhance Mozambique's role in the global energy market and boost the local economy by creating jobs and opportunities for national enterprises.

Background

Eni has been active in Mozambique since 2006, discovering significant natural gas resources in the Rovuma Basin between 2011 and 2014. The Coral North project builds on the experience gained from Coral South, aiming for optimized performance and minimized execution risks.